ICRA Lanka Limited has assigned the issue rating of [SL]A with Stable outlook to the proposed LKR 2,000 million (an initial issue of LKR 1,000 million with the option to raise a maximum of LKR 2,000 million) senior unsecured redeemable debenture program of First Capital Holdings PLC (FCH or the Company).
ICRA Lanka has an issuer rating outstanding of [SL]A with Stable outlook for the Company. ICRA Lanka also has an outstanding issue rating of [SL]A1 for the LKR 1,500 million commercial paper program of the Company.
ICRA Lanka has taken a consolidated view of the First Capital group (comprising of First Capital Holdings PLC and its subsidiaries), which is involved in a range of financial services such as primary dealership, equity trading, corporate advisory, debt structuring and asset management. There is a strong interlink between the entities through sharing of a common brand, management team, systems and group treasury functions.
The ratings factor in FCH’s status as the holding company of First Capital Treasuries PLC (FCT), the leading standalone primary dealer (PD) currently in Sri Lanka (Issuer rating of [SL]A with Stable outlook).